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TSX.V: ELN
FRANKFURT: E7Q
VANCOUVER, Aug. 25 /CNW/ - El Nino Ventures Inc. ("ELN" and "the
Company") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce that further to
its news release of July 27, 2009 the Company has closed the first tranche of
its non-brokered private placement and has issued a total of 5,660,000 units
at a purchase price of $0.08 per unit for gross proceeds of $452,800.
Each unit consisted of one common share and one common share purchase
warrant. Each warrant entitles the holder to purchase an additional common
share at a price of $0.15 per share for 18 months, subject to accelerated
expiry, such expiry being accelerated to 30 days in the event the Company's
shares have closed at or above a price of $0.25 per share for ten consecutive
trading days.
In connection with this closing of the first tranche of this financing,
the Company has paid a finder's fee consisting of an aggregate of $13,184 in
cash and has issued 206,000 finder warrants. Each finder warrant entitles the
holder to purchase one common share at a purchase price of $0.15 per share for
18 months, subject to accelerated expiry, such expiry being accelerated to 30
days in the event the Company's shares have closed at or above a price of
$0.25 per share for ten consecutive trading days.
In compliance with Canadian securities laws, all of the securities issued
in connection with this closing are subject to a hold period expiring on
December 21, 2009.
About El Nino Ventures Inc
El Nino Ventures is a junior exploration company, focused on exploring
for Copper/Cobalt in the Democratic Republic of Congo ("DRC"). El Nino has an
option to acquire a 70% interest in over 350 square kilometers in the world
renowned copper belt in the DRC. In addition to our Copper and Cobalt projects
in the DRC, the Company holds a 50 percent interest on an extensive land
package in the Bathurst Mining Camp with Xstrata Zinc Canada.
On Behalf of the Board of Directors,
"Jean Luc Roy"
Jean Luc Roy, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release CUSIP No.
28335E-10-6
Note: this release contains forward-looking statements that involve risks
and uncertainties. These statements may differ materially from actual future
events or results and are based on current expectations or beliefs. For this
purpose, statements of historical fact may be deemed to be forward-looking
statements. In addition, forward-looking statements include statements in
which the Company uses words such as "continue", "efforts", "expect",
"believe", "anticipate", "confident", "intend", "strategy", "plan", "will",
"estimate", "project", "goal", "target", "prospects", "optimistic" or similar
expressions. These statements by their nature involve risks and uncertainties,
and actual results may differ materially depending on a variety of important
factors, including, among others, the Company's ability and continuation of
efforts to timely and completely make available adequate current public
information, additional or different regulatory and legal requirements and
restrictions that may be imposed, and other factors as may be discussed in the
documents filed by the Company on SEDAR (www.sedar.com), including the most
recent reports that identify important risk factors that could cause actual
results to differ from those contained in the forward-looking statements. The
Company does not undertake any obligation to review or confirm analysts'
expectations or estimates or to release publicly any revisions to any
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events. Investors should
not place undue reliance on forward-looking statements.